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Impacts of the 2026 Middle East conflict on weekly fuel monitoring

The 2026 Middle East conflict has led to increased volatility in fuel importer costs and margins. Compared with previous global oil market shocks, the changes observed have been larger, faster and more uneven across fuel types.

Gas

Natural gas production continued to decline in 2025, with major gas users responding. Expected production over the coming years indicates supply constraints will continue to impact gas use within New Zealand.